IREDA Hits Record High Annual Net Profit of INR 1252

The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99 percent in FY 2023-24 from 1.66 percent in FY 2022-23, demonstrating a significant reduction of 40.52 percent year-on-year.

April 20, 2024. By Anurima Mondal

Indian Renewable Energy Development Agency Ltd. (IREDA) has achieved an all-time high annual Profit After Tax (PAT) of INR 1252.23 crore, marking an impressive growth of 44.83 percent over the previous fiscal year 2022-23.

The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99 percent in FY 2023-24 from 1.66 percent in FY 2022-23, demonstrating a significant reduction of 40.52 percent year-on-year.

The Loan Book of IREDA has grown from INR 47,052.52 crores as on March 31, 2023 to INR 59,698.11 crores as on March 31, 2024 (registering a growth of 26.81 percent). The company has achieved all-time high annual loan sanctions of INR 37,353.68 crore and disbursements of INR 25,089.04 crore in financial year 2023-24, registering an increase of 14.63 percent and 15.94 percent respectively, over previous financial year loan sanctions of INR 32,586.60 crore and disbursements of INR 21,639.21 crore. This marks the highest annual loan disbursement and sanction in the company's history.

The net-worth of the company as on March 31, 2024 has reached to INR 8,559.43 crore as against INR 5,935.17 crore, year ending March 31, 2023 (increased by 44.22 percent).

IREDA CMD Pradip Kumar Das emphasised IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI's 60-day deadline. This achievement follows last year's record of publishing the results within 25 days.

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Business

IREDA

financial results

Renewable energy solutions

Pradip Kumar Das

NBFC